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  • Trump has opted to keep the $325 billion tariff on Chinese goods ‘open’, ahead of the G20 meeting, and says he expects to meet Xi this month. It’s also been reported Trump is to meet President Abe ahead of the G20 meeting.
  • Trade tensions weighed on markets to see Asian equities broadly lower and safe-haven flows prop up JPY and CHF. Protests in Hong Kong continue for a second day, prompting the government to shut offices after spells of violence as the Hang Seng dropped to fresh lows.
    AUD is today’s weakest major after Australia’s employment missed the mark and saw a rise in calls for RBA to cut in July. This saw AUD/JPY as today’s biggest mover and loser, with todays bearish range already meeting its typical daily range.
  • Japan’s manufacturing conditions are their worst since Q2 2016 according to the BSI survey, coming it at -10.4% versus -7.3% prior.

 

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